A new report from state budget experts shows a precipitous drop of nearly 31 percent in income-tax collections in January.
Overall, the latest numbers from the Joint Legislature Budget Committee show that January’s revenues--which also include sales and corporate income taxes--dropped by 21.9 percent compared to January 2008. The total revenues were nearly $82 million below forecast.
The report notes that the drop is especially calamitous when you consider that revenues in January 2008 had dropped 14.4 percent compared to January 2007. The two-year decline totals 36.6 percent.
We'll have more in this week's dead-plant-matter edition of the Tucson Weekly.